DIPPING

Markets are trading up after futures indicated a nicely higher ap open. However, we were rejected yet again at the 1,540 level on the SPX and the afternoon trade will be quite interesting as we get the rate decision from Friendly Ben. A lift higher could put 1,540 in the rear view mirror and and it can become future support.

Strong sectors this AM include metals, financials, brokers, china, emerging markets and oils while gaming, airlines, retail, defense and biotech lag.

NYSE internals- +800;

NAZ internals +260;

NDX internals 65 GREEN;

OEX internals 70 GREEN;

IBD 100- 70 GREEN;

Key stocks- 75% green led by MA VMW BIDU ICE GS MS BAM GOOG JPM CME- losers WYNN GRMN UA LVS DECK MTW AMZN KLAC RIMM COST MER and MGM;

Biggest winners- MA DSX EXM DRYS SSRX GSOL VMW MTL MICC DELL LEH COF ATI MS HIG GS HIG ORCL XMSR SIRI ERTS IAIC APOL MNST SEPR ATVI LINTA;

Biggest losers- NIHD GRMN AMLN WYNN AKAM GENZ TGT BHI SLB TYC HAL BAX EK AA FLEX WFMI BRCM HURN ARGN ANSS FTI CMED CMTL PFWD FTK MORN EXLS;

GS up about $4 and near the all time high of $246 and I will stick with a short term target of $250. It was back at $160 mid August so not bad for the dippers. OIH a different story as it is again having problems making headway despite the morning rise in crude. Inventory numbers in a few moments and that will no doubt move the OIH one way or the other.

Some stocks that look like they may be in for bounce include GRMN CELG NOV FTK CAM SLB WYNN LVS.